Here's How Much Money Americans Would Need To Feel 'Rich'

About a quarter of Americans believe they could be wealthy one
day. Are their dreams realistic?

It comes down to a matter of perception: the definition of rich
depends on many factors, including your current income. The more
money you earn, the more money you believe it takes to be “rich.”

According to a recent survey, people think it
would take anywhere from $10,000 to $4 million a year to feel
rich. Nearly 75% of the 1,000 survey participants responded that
it was unlikely they would ever be rich, while 20% believed it
was at least somewhat likely.

Researchers also looked at how demographic factors affected
people’s willingness to believe they could be wealthy. Political
independents, women and those without college degrees were less
optimistic than partisans, men and college-educated respondents.
28% of those who lived in urban areas believed there was some
possibility of becoming rich, compared to 18% of suburbanites and
just 5% of people in rural places.

Relationship status also came into play: Single individuals were
more hopeful than people in relationships (though that difference
depended more on participants’ age) and divorced respondents were
consistently less confident, regardless of age, gender, or
current income.

Among households in the lowest income quartile (making under
$25,000 annually), people believed $293,000 per year would make
them rich. Households earning between $30,000 and $60,000 a year
set the bar at $394,000, and those making between $60,001 and
$120,000 put the number at $426,000. For the top 15%, or those
earning over $120,000 annually, the number was $501,000.

Most people placed the “rich” number at or above what the top
0.5% of Americans bring in. The Census Bureau’s 2012 Current Population
Survey found that about 4% of households earn over
$200,000 — nearly $100,000 short of what even the lowest income
bracket counts as rich.

The good news is most of us aren’t waiting for that $300,000
paycheck to feel happy — recent research suggests the
majority of Americans would be content with under $100,000.